Correction: Fitch Affirms Bishop Gadsden, South Carolina $77MM Outstanding Bonds at 'BBB'; Outlook Stable.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- (This is an amended version of a press release issued yesterday and contains revised information on the 2002 bonds in the first paragraph.) Fitch Ratings-Tampa-July 13, 2005: Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed its rating of 'BBB' to the $26.5 million South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. Jobs - Economic Development Authority, first mortgage health facilities refunding revenue bonds (The Episcopal Church Episcopal Church, Anglican church of the United States. Its separate existence as an American ecclesiastical body with its own episcopate began in 1789. Doctrine and Organization Home) series 2003A, the $5 million South Carolina Jobs - Economic Development Authority, first mortgage health facilities refunding revenue bonds (The Episcopal Church Home) series 2003B extendable rate adjustable securities (EXTRAS). Fitch also affirms its underlying 'BBB' rating on the $45.8 million South Carolina Jobs - Economic Development Authority, variable-rate demand health facilities revenue and refunding bonds (The Episcopal Church Home) series 2002 bonds. The 2002 bonds are rated 'AA/F1+' based on a bond insurance policy provided by Radian ra·di·an n. Abbr. rad A unit of angular measure equal to the angle subtended at the center of a circle by an arc equal in length to the radius of the circle. Asset Assurance, Inc. and by a standby bond purchase agreement provided by Wachovia Bank, National Association. The Rating Outlook is Stable. Bishop Gadsden Retirement Community's (Bishop Gadsden) primary credit strengths continue to be its excellent demand, a strong liquidity relative to expenses, profitable operations, and an attractive physical plant. Bishop Gadsden's occupancy is at or near 100%, which along with stable investment returns has led to good excess margins operations since 1999. At the fiscal year ended Dec. 31, 2004, Bishop Gadsden had unrestricted cash of $47.3 million which equates to 1,181 days of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and 64% cash to debt. Bishop Gadsden has differentiated itself in its market through exceptionally well designed facilities which further enhance demand. The facility is currently undergoing the construction of 40 replacement assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. apartments to the Myers Hall Myers Hall is a co-ed dormitory at the University of Georgia in Athens, Georgia. Myers is a part of the Myers Community, which also includes Soule Hall, Rutherford Hall and Mary Lyndon Hall. All four dormitories are arranged around the Myers Quad. facility. The project is scheduled to open in September 2005 and on schedule and on budget. Fitch's chief concern is Bishop Gadsden's high debt burden relative to revenues and weak coverage of maximum annual debt service (MADS) requirements through the interim period ended March 31, 2005. MADS as a percentage of total operating revenues remains very high at 23.4% in fiscal 2004, but has been declining over the past several years. Debt service coverage through March 31, 2005 was weak at only 1.14 times (x) due to lower than expected entrance fee receipts as a result of capacity constraints in the assisted living area. Fitch expects that once the new assisted living apartments are completed, debt service coverage should return to historical levels. Bishop Gadsden's rating and Stable Outlook reflects management's success in achieving a strong and stable financial performance. Fitch believes that the organization will continue to be challenged by rising expenses and funding its future capital plans, but expects its solid demand and strong balance sheet to provide adequate cushion for the future. The Bishop Gadsden Retirement Community is type A continuing care continuing care a professional convention that a veterinarian who is treating an animal is obliged to continue treating that case unless an arrangement is made with its custodian to transfer the care to another practitioner or to a specialist. retirement community with 215 independent living units, 64 assisted living units (including a 20-bed Alzheimer Unit), and 50 nursing care beds. Construction is underway for 40 assisted living apartments. The Community is located on James Island approximately six miles from downtown Charleston. Bishop Gadsden had total operating revenues of $19.3 million in fiscal 2002. Bishop Gadsden covenants to provide annual and quarterly disclosure to bondholders through the nationally recognized municipal securities information repositories. Fitch views Bishop Gadsden's disclosure favorably. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from this site, at all times. This document will remain on the public site for seven days. |
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